Al Hilal Islamic Bank launches new savings account

By investing in the bank's Al Namaa Islamic Savings Account, the depositor (Rabbul-Mal) authorises the bank (Mudarib) to invest their funds under the unrestricted Mudarabah contract. The bank invests these deposits in its Mudarabah pool along with other deposits and the equity. The profit on the Mudarabah pool is distributed amongst investors, taking into consideration the tenor, amount of the deposit and profit payment frequency for the account.

Abdullah Al Jabri, general manager (Head of Islamic Banking) at ahlibank said, "We are delighted to offer our loyal customers yet another market driven and customer focused product. At Al Hilal Islamic Bank we aim to not only be able to better serve the needs of customers, but also establish our growing reputation as a local bank fully committed to preserving the values of the community."

"We are pleased to contribute to Oman's aspirations of becoming a hub for Islamic finance, and understand that our suite of customer-centric solutions is crucial to serve and fulfill our customers' needs. We are confident that with products like 'Al Namaa', Al Hilal Islamic will further establish its position as a reliable and trusted banking partner in the Sultanate," he added.

The Al Namaa Islamic Savings Account has several features and benefits that include: 100 per cent capital investment in Sharia-compliant way; high-profit weightages, based on deposit tiers; immediate access to funds with no minimum investment period; and day-to-day checking account which offers flexibility of unlimited transactions through ATM/Debit card and cheque book. Profit calculated on monthly average balance and distributed on monthly basis; cash management, 24-hour a day with simple e-banking, mobile banking, call centre, Al Hilal Islamic banking branches or Visa debit /ATM card accepted, are some of the other advantages.

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